EQIX US S&P 500Russell 1000 Earnings call
Equinix (EQIX) · Q2 2026 results and valuation
Share price: $1068.06 · 2026-11-11
Equinix is a digital infrastructure company that provides multi-tenant data centers and interconnection services. The company operates a global network of data centers in the Americas, Asia-Pacific, and EMEA regions to serve a diverse range of customers, including enterprises and network service providers. Source: 10-K annual report (2026-02-11)
Results Q2 2026 vs Q1 2026 · previous quarter · published 29 Jul 2026 and 29 Apr 2026
Net income up 15.4% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
1 · Numbers
+15.4%
Net income vs Q1 2026
Outlook given
Net income 479.0M vs 415.0M
Revenue +7.4%
Against the same quarter last year (Q2 2025) it is +30.2%, so it is not just seasonal.
Why Against the same quarter last year (+30.2%), net income rose because recurring revenues increased 11% year over year due to record bookings converted into revenue and an adjusted EBITDA margin that increased by 300 basis points year over year.
2 · How management spoke
Upbeat
More upbeat than 87% of company calls
Answers to analysts: upbeat, but clearly less so than the script.
Similar to last call.
3 · What stood out
Equinix raised adjusted EBITDA guidance by $62 million, resulting in an adjusted EBITDA margin of approximately 51%, a 200 basis point improvement over last year.
Valuation
Is Equinix undervalued?
Reverse DCF. Average free cash flow of the last three fiscal years (the last year was negative) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$1068.06
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+74.9% for 10 yrs
Fair value / share
$-163.45
Buy below
$-122.59
Price vs fair value
n/a
Price vs buy-below price
n/a
Management expects
Revenue +11.5% · from the Q2 2026 report: “Equinix updated its 2026 guidance to expect revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
Equinix updated its 2026 guidance to expect revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%.
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Guidance
EQIX raised adjusted EBITDA guidance by $62 million, resulting in an adjusted EBITDA margin of approximately 51%, which is a 200 basis point improvement over last year.
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Guidance
The company is targeting a 53% plus EBITDA margin driven by pricing, cost of revenue improvement, and SG and A scaling.
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Figure
Recurring revenues increased 11% year over year.
Source quote
“Recurring revenues increased 11% year over year, reflecting the underlying strength of our business and record bookings converted into revenue.”
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Figure
Monthly recurring revenue growth accelerated to 11% year over year on a normalized and constant currency basis.
4 more
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Figure
EQIX will have about 2 gigawatts available by the end of the planning period, with additional CapEx using about 0.3 gigawatts of power.
Source quote
“By the end of the, planning period, we will have about 2 gigawatts still available and this additional CapEx will use about 0.3 gigawatts of power.”
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Figure
EQIX plans to invest $5 billion to $7 billion in annual CapEx through 2029 to capture the robust demand in front of the company.
Source quote
“To capture the robust demand in front of us, we plan to invest $5 billion to $7 billion in CapEx annually through 2029.”
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Figure
Annualized gross bookings reached $424 million, up 23% year over year, indicating growth in the Serve Better segment.
Source quote
“Starting with Serve Better, we delivered annualized gross bookings of $424 million up 23% year over year.”
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Figure
Cabinet orders for the Secure Cabinet Express offering increased more than 30% year over year, indicating the product is gaining traction.
Source quote
“Secure Cabinet Express our standardized business ready colocation offering, is continuing to gain traction with cabinet orders up more than 30% year over year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 83% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“In conclusion, demand is stronger and more durable The team is executing Our confidence in future growth has increased and we are accelerating capacity expansion to capture the in front...”
“Annualized gross bookings grew 23% our second highest volume on record.”
“His strong background spanning product, software, and infrastructure will help us accelerate and expand our solution portfolio.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.62B | 2.44B | +7.4% | 2.26B | +16.4% |
| Gross profit | 1.40B | 1.26B | +10.9% | 1.17B | +19.0% |
| Operating income | 665.0M | 577.0M | +15.3% | 494.0M | +34.6% |
| Net income | 479.0M | 415.0M | +15.4% | 368.0M | +30.2% |
| EPS | 4.83 | 4.20 | +15.0% | 3.75 | +28.8% |
| P/E today 60.8 | 67.1 | 67.8 | −0.7 | 78.2 | −11.1 |
Topics
Most discussed now
- New Equinix is not speculative land developers or land purchasers.
- New AI is an accelerant to the ongoing digitization activities of Equinix's customers.
- In light of regulation fair disclosure, it is Equinix's policy to not comment on its financial guidance during...
- Equinix's global scale differentiated portfolio and unmatched ecosystems are converting that demand into durable profitable growth.
- Because its focus is driven by the unique value proposition that Equinix offers its customers, the very dense interconnected environment...
Faded since Q1 2026
- Fading They have placed more than 110 separate network nodes with it to support mission-critical and latency sensitive elements of their...
- Fading Before I get into Equinix's results, I'd like to start with some important market context.
- Fading This is a result of Equinix's continued cost discipline power cost benefits and scaling its operating leverage.
- Fading As Equinix has discussed, driving additional efficiency would be a focus moving forward.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
Equinix, Inc. issued $850,000,000 in 2029 notes, $850,000,000 in 2031 notes, $650,000,000 in 2033 notes, and $650,000,000 in 2036 notes on August 6, 2026.
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
Equinix, Inc. entered into a Credit Agreement on July 27, 2026, establishing a $5,500,000,000 senior unsecured multi-currency revolving credit facility with a maturity date of July 25, 2031.
- Results of operations · SEC 8-K
Equinix, Inc. issued a press release on July 29, 2026, regarding its financial results for the second quarter ended June 30, 2026.
- Director or officer change · SEC 8-K
Equinix, Inc. announced that Chief Business Officer Jon Lin will depart the company effective July 18, 2026, with a transition plan and a new Chief Product Officer to be announced.
- Shareholder vote results · SEC 8-K · routine
- Director or officer change · SEC 8-K
Simon Miller notified Equinix, Inc. of his planned retirement as Chief Accounting Officer and Principal Accounting Officer, effective July 31, 2026.
- Other events · SEC 8-K
Equinix Canada Financing Ltd. issued C$650,000,000 of 3.950% Senior Notes due 2030 and C$600,000,000 of 4.750% Senior Notes due 2035 on May 7, 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-11.
Cash & runway
Cash & equivalents
$979.0M
2026-06-30
Short-term investments
$1.25B
total $2.22B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +0.8% YoY, +0.3% QoQ.
| Quarter | Shares |
|---|---|
| Q3 2024 | 95.4M |
| Q1 2025 | 97.5M |
| Q2 2025 | 97.8M |
| Q3 2025 | 98.0M |
| Q1 2026 | 98.4M |
| Q2 2026 | 98.6M |
Shares outstanding: 98.7M (2026-07-28)
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 80 filings; 50 filings parsed.
Sold by insiders
37.6K shares
$37.9M · 254 transactions
Bought by insiders
0 shares
0 transactions
Net direction
net selling
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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2026
revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%
Source quote
“For 2026, we now expect revenue growth of 11% to 12% and AFFO per share growth of 10% to 12%.”
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second half of the year
double the number of cabinets we deliver
Source quote
“In fact, we will double the number of cabinets we deliver in the second half of the year.”
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2026
CapEx to range between $5 billion to $6 billion
Source quote
“As a result, we now expect 2026 CapEx to range between $5 billion to $6 billion.”
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Through 2029
total revenue growth in the 10% to 13% range annually
Source quote
“Through 2029, we expect total revenue growth in the 10% to 13% range annually.”
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Through 2029
AFFO per share growing 9% to 12% during the same period
Source quote
“With AFFO per share growing 9% to 12% during the same period.”